Credit unions across Canada contributed $31.6 million to community efforts last year, a 28% increase over 2004, a new survey shows.

Across the country each year, credit unions support sports teams, finance affordable housing, assist students and reduce or waive service charges for community groups.

“These results show how strongly Canadian credit unions support their communities,” said David Phillips, interim CEO and president of Credit Union Central of Canada, in a news release. “The credit union difference is clearly demonstrated thousands of times each year with donations of time, money and expertise.”

The fifth annual national survey of credit union philanthropy demonstrated that credit unions support their local communities with money, services and time. Credit unions are member-owned financial institutions with a strong local focus.

The largest category of support was donations and sponsorships. Credit unions gave $23.5 million in this area, up 29% from the previous year and double the $11.7 million that was contributed in 2001 when the first survey was completed.

Credit unions donated $2.9 million to their own charitable foundations, $1.1 million in scholarships and bursaries and provided $2.3 million in financial services to community organizations, largely by reducing or waiving service charges for such groups.

In addition to money, employees of credit unions offered their time volunteering for community activities and organizations. In 2005, 58% of the credit unions surveyed said their employees participated in community activities as part of their paid work, up from 46% in 2004. The employees contributed 55,541 hours. In addition, about 80% of employees were involved as unpaid volunteers.

A total of 301 credit unions took part in the 2005 Credit Union Community Involvement Survey, which was conducted by Ipsos Reid for Credit Union Central of Canada, the national trade association. There are 504 credit unions with 4.9 million members and assets of $90.7 billion affiliated with Canadian Central.

Under the theme of Own Your Future, credit unions across the country are celebrating Credit Union Day on October 19, part of Co-op Week. Hundreds of events will be held to celebrate the co-operative spirit.